Business International

US trade gap widens in April

The US trade deficit widened in April as the surging cost of oil boosted imports to a record, overshadowing the biggest gain in exports in four years.

Markets remain in the doldrums

US stock-index futures declined, following markets in Europe and Asia lower, after analysts said Lehman Brothers Holdings Inc must unload more mortgage loans and speculation mounted that interest rates will rise.

World Bank cuts growth forecast

Global economic growth will probably slow to 2.7 percent this year from 3.7 percent in 2007, checked by spiraling food and energy prices and the subprime credit crisis, the World Bank said.

Oil rises amid supply concerns

Crude oil rose more than $1 a barrel as Merrill Lynch & Co and Citigroup Inc increased their price forecasts amid concern that supply from outside OPEC isn't climbing as fast as expected.

IN BRIEF (Page 17)

Business International

Gasoline hits record $4 a gallon in US

US gasoline rose to $4 a gallon at the pump for the first time, threatening to further shake the confidence of consumers whose spending makes up two-thirds of the economy.

Crude oil falls back from $139

Crude oil fell in New York as traders viewed last week's $139-a-barrel record as excessive and an opportunity to sell contracts.

Rosneft says profit increased sevenfold

OAO Rosneft, Russia's biggest oil producer, said first-quarter profit surged sevenfold, beating analysts' estimates, after the purchase of production units and refineries from bankrupt OAO Yukos Oil Co.

BP chief says era of cheap fuel over

BP Plc Chief Executive Officer Tony Hayward said the era of cheap energy is over as oil production isn't rising fast enough to meet demand amid a lack of spending.

IN BRIEF (Page 17)